What to do if your nonprofit receives an IRS audit letter
The IRS’s staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary. If your organization receives an audit letter, you need to know what the process involves and […]
Fiduciary duties: What your board members need to know
Not-for-profit board members — whether compensated or not — have a fiduciary duty to the organization. Some states have laws governing the activities of nonprofit boards and other fiduciaries. But not all board members are aware of their responsibilities. To protect your nonprofit’s financial health and integrity, it’s important that you help them understand. Primary […]
Could you unearth hidden profits in your company?
Can your business become more profitable without venturing out of its comfort zone? Of course! However, adding new products or services may not be the best way for your business — or any company — to boost profits. Bottom-line potential may lie undiscovered in your existing operations. How can you find these “hidden” profits? Dig […]
Effective social media marketing calls for a measured approach
As companies increase their investments in social media marketing, many are seeking ways to make it simpler and more cost-effective. Here are some ways to take a measured approach. Pick your battles Many marketers have realized that their companies don’t need to be on every social media platform. You just need to establish a strong […]
An implementation plan is key to making strategic goals a reality
In the broadest sense, strategic planning comprises two primary tasks: establishing goals and achieving them. Many business owners would probably say the first part, coming up with objectives, is relatively easy. It’s that second part — accomplishing those goals — that can really challenge a company. The key to turning your strategic objectives into a […]
Financial statements tell your business’s story, inside and out
Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business. […]
Charitable donations: Unraveling the mystery of motivation
Traditionally, Americans have supported charities not only for tax breaks and a vague sense of “giving back,” but also for a variety of other financial, emotional and social reasons. Understanding what motivates donors and how their motivations vary across demographic groups can help your not-for-profit more effectively reach and engage potential supporters. Money matters Asset […]
Make sure the price is right with market research
The promise of the new year lies ahead. One way to help ensure it’s a profitable one is to re-evaluate your company’s pricing strategy. You need to devise an approach that considers more than just what it cost you to produce a product or deliver a service; it also must factor in what customers want […]
5 delegation best practices for nonprofit leaders
Done well, delegation allows not-for-profit executives to focus on their most important tasks, helps to build bench strength and gets staffers out of the office before midnight. But done poorly, it can create more burdens than it eases. Here are five practices all nonprofit leaders should adopt. 1. Choose tasks wisely Always try to devote […]
3 ways to improve development and accounting collaboration
Communication breakdowns between a not-for-profit’s development and accounting departments can lead to confusion, embarrassment and even financial problems. Here are three ways your organization can facilitate cooperation between these two critical functions. 1. Recognize differences Accounting and development typically record their financial information differently, which is why they can produce numbers that vary but nonetheless […]
